UNITED STATES OF AMERICA FEDERAL TRADE COMMISSION. Julie Brill Maureen K. Ohlhausen Joshua D. Wright Terrell McSweeny COMPLAINT
|
|
- Dorothy Doyle
- 8 years ago
- Views:
Transcription
1 UNITED STATES OF AMERICA FEDERAL TRADE COMMISSION COMMISSIONERS: Edith Ramirez, Chairwoman Julie Brill Maureen K. Ohlhausen Joshua D. Wright Terrell McSweeny In the Matter of Finance Select, Inc. a Georgia corporation. DOCKET NO. COMPLAINT The Federal Trade Commission, having reason to believe that Finance Select, Inc., a Georgia corporation ( Respondent ), has violated the provisions of the Federal Trade Commission Act ( FTC Act ), and it appearing to the Commission that this proceeding is in the public interest, alleges: 1. Respondent Finance Select, Inc., is a Georgia corporation with its principal place of business at 432 Newnan Rd, Carrollton, GA, Respondent operates from five different locations in the state of Georgia and two locations in the state of Alabama. 2. Respondent offers loans secured by consumers free-and-clear car titles ( title loans ). 3. The acts and practices of Respondent alleged in this complaint have been in or affecting commerce, as commerce is defined in Section 4 of the Federal Trade Commission Act. 1
2 Background on Car Title Loans 4. Car title loans can be short term loans and are often advertised as 30 day loans. Title loans have high interest rates and short repayment periods, with payments due every month. In many instances, however, the loans are structured as longer-term, high cost installment loans with payments due over several months. The typical APR of a car title loan can be over 300%. 5. Each additional payment after the first month is termed a renewal. The average consumer does not repay the loan in 30 days, instead renewing the loan an average of eight times. Loan amounts differ but typically are $1,000 and up to $10,000. The lender takes possession of the consumer s car title and charges a monthly fee, sometimes as much as 25% of the amount borrowed per month. For example, the amount of fees would be $250 per month and after eight renewals, a consumer taking out the average loan amount of $1,000 would pay approximately $2,000 in fees. Respondent s Business Practices 6. Respondent offers consumers car title loans, which are secured by the borrower s freeand-clear car title. Respondent offers a 0% introductory interest rate, but the loans are renewed to a much higher interest rate after the first 30 days if the borrower does not repay the loan completely within those 30 days. 7. Since at least January 2012, Respondent has disseminated or caused to be disseminated advertisements promoting its title loans, including on the website on its mobile website of the same address, and on web ads, with the following representations, copies of which are attached as Exhibits 1, 2, and 3: a. The website advertisements, copies of which are attached as Exhibit 1, provide the following disclosures: TITLE LOANS 1 st 30 Days 0% NEW CUSTOMERS No Credit Check b. On Respondent s mobile website, copies of which are attached as Exhibit 2, the advertisement contains the following representation: TITLE LOANS 0% 1 st 30 Days 2
3 c. The web ads appearing as a Google advertisement on the side webpages, copies of which are attached as Exhibit 3, provide the following disclosures: 0% Title Loans Best Rate 1 st 30 days 0%, No Credit Ck, We Loan More, call now fastcashtitlepawn.net 0% Max Cash Title Loan 1 st 30 days 0% Lowest Rates, Call Now! fastcashtitlepawn.net 8. The advertisements, as shown in Paragraph 7, do not disclose: (1) that the advertised 0% offer does not apply unless the loan is completely repaid in 30 days, (2) that there will be a substantial finance charge if the loan is not completely repaid in 30 days and (3) the amount of this finance charge. 9. The advertisements, as shown in Paragraph 7, do not disclose that if the loan is not repaid in full in 30 days, the consumer would be required to pay the finance charge for the first 30 days in addition to any additional finance charges that incur on day 31 (for the second 30-day period). 10. Many of Respondent s borrowers do not repay their loans within the first 30 days, and thus many of its borrowers end up paying finance charges. Count I Failure to Disclose Terms of the Loan 11. In numerous instances, including but not limited to, through the means described in Paragraphs 6 to 10, Respondent has represented, directly or indirectly, expressly or by implication, that it offers title loans to consumers with a 0% finance charge for a 30-day introductory period. 12. In instances in which Respondent has made the representation set forth in Paragraph 11, Respondent has failed to disclose, or failed to disclose adequately: (1) the existence and amount of the finance charge that consumers have to pay for the 30 day introductory period if certain terms and conditions are not met and (2) the existence and amount of the finance charge that consumers have to pay after the conclusion of the 30-day introductory period. These facts would be material to consumers in their decisions regarding Respondent s title loans. 3
4 13. Respondent s failure to disclose, or failure to disclose adequately, the material information described in Paragraph 12, in light of the representation set for forth in Paragraph 11, is a deceptive act or practice. 14. The acts and practices of Respondent alleged in this complaint constitute deceptive acts or practices in or affecting commerce in violation of Section 5(a) of the FTC Act. THEREFORE, the Federal Trade Commission this day of, has issued this complaint against Respondent. By the Commission. SEAL: Donald S. Clark Secretary 4
5 UNITED STATES OF AMERICA FEDERAL TRADE COMMISSION COMMISSIONERS: Edith Ramirez, Chairwoman Julie Brill Maureen K. Ohlhausen Joshua D. Wright Terrell McSweeny In the Matter of First American Title Lending of Georgia, LLC, a limited liability company. DOCKET NO. COMPLAINT The Federal Trade Commission, having reason to believe that First American Title Lending of Georgia, LLC, a limited liability company, ( Respondent ), has violated the provisions of the Federal Trade Commission Act ( FTC Act ) and provisions of the Truth in Lending Act ( TILA ) and its implementing Regulation Z, and it appearing to the Commission that this proceeding is in the public interest, alleges: 1. Respondent First American Title Lending of Georgia, LLC, is a Tennessee limited liability company with its principal place of business at 6045 Century Oaks Drive, Chattanooga, Tennessee, First American Title Lending of Georgia, LLC, operates from 33 different locations in the state of Georgia. 2. Respondent offers loans secured by consumers free-and-clear car titles ( title loans ). 3. The acts and practices of Respondent alleged in this complaint have been in or affecting commerce, as commerce is defined in Section 4 of the Federal Trade Commission Act. Background on Car Title Loans 4. Car title loans can be short term loans and are often advertised as 30 day loans. Title loans have high interest rates and short repayment periods, with payments due every month. In many instances, however, the loans can be longer-term, high cost installment 1
6 loans with payments due over several months. The typical APR of a car title loan can be over 300%. 5. Each additional payment after the first month is termed a renewal. The average consumer does not repay the loan in 30 days, instead renewing the loan an average of eight times. Loan amounts differ but typically are $1,000 and up to $10,000. The lender takes possession of the consumer s car title and charges a monthly fee, sometimes as much as 25% of the amount borrowed per month. For example, the amount of fees would be $250 per month and after eight renewals, a consumer taking out the average loan amount of $1,000 would pay approximately $2,000 in fees. Respondent s Business Practices 6. Respondent offers consumers car title loans in Georgia, purportedly in accord with Part 5 of Article 3 of Chapter 12 of Title 44 of the Georgia statutes relating to pawnbrokers, O.C.G.A. Sections et seq., which are secured by the borrower s free-and-clear car title. Respondent s advertisements state that the title loans are offered at 0% interest rate or 0% interest rate for 30 days. 7. Respondent has disseminated or caused to be disseminated advertisements to the public promoting extensions of closed-end credit in consumer credit transactions, as the terms advertisement, closed-end credit, and consumer credit are defined in Section of Regulation Z, 12 C.F.R , as amended. 8. Since at least January 2012, Respondent has disseminated or caused to be disseminated advertisements promoting its title loans, including on the website on web ads, on billboards, flyers and brochures, newspapers, and yard signs, with the following representations, copies of which are attached as Exhibits 1-12: a. The website advertisements, copies of which are attached as Exhibit 1, provide the following disclosures: 0% Interest FOR 30 DAYS* *Some restrictions apply b. The web search ads, appearing as a Google advertisement on the side of the webpage, copies of which are attached as Exhibit 2, provide the following disclosures: 2
7 Lowest Rate Title Pawns Ask about 0% Interest. No Credit Check. Title Lending Low Rates 0% for 30 days. Get the Most Money. c. A sampling of the billboard advertisements, copies of which are attached as Exhibits 3 5(Exhibit 5 is in Spanish),provides the following disclosures: i. Exhibit 3: 0% Interest for 30 days Certain terms and conditions may apply ii. Exhibit 4: iii. Exhibit 5: 0% Interest 0% Interest Compramos Prestamos Sobre Su Titulo (Buy on your title loans) d. The flyer and brochure advertisements, copies of which are attached as Exhibits 6 8, provide the following disclosures: i. Exhibit 6: 3
8 0% Interest ii. Exhibit 7: 9.5% or lower! Lowest Rates in Town Get up to $5,000 in less than 30 minutes No credit check your car is your credit Lowest rates in town as low as 9.5% Title pawned? We can buy it out! 0% Interest for 30 days (This ad is also in Spanish) iii. Exhibit 8: 0% Interest for 30 days! Rates as low as 9.5% e. The newspaper advertisements, copies of which are attached as Exhibits 9 10, provides the following disclosures: i. Exhibit 9: Lowest Rates! 0% Interest! 4
9 ii. Exhibit 10: 0% Interest! (for 30 days) Lowest Rates! f. The yard sign advertisements, copies of which are attached as Exhibits provides the following disclosures: i. Exhibit 11: 0% Title Pawn ii. Exhibit 12: 0% Interest 9. The advertisements, as shown in Paragraph 8, do not disclose that the 0% offer does not apply unless: (1) the borrower is a new customer of Respondent, (2) the borrower is starting a new title loan and not refinancing a different loan through another title lender, and (3) the loan is repaid in certified funds or money order and not by cash or personal check. 10. The advertisements, as shown in Paragraph 8, do not disclose: (1) that the advertised 0% does not apply unless the loan is completely repaid in 30 days, (2) that there will be a substantial finance charge if the loan is not completely repaid in 30 days and (3) the amount of this finance charge. 11. The advertisements, as shown in Paragraph 8, do not disclose that if the loan is not repaid in full in 30 days, the consumer would be required to pay the finance charge for the first 30 days in addition to any additional finance charges that incur on day 31 (for the second 30-day period). 12. The advertisements, as shown in Paragraph 8.d., display an additional rate of finance but do not disclose the rate of finance charge as an annual percentage rate ( APR ). 5
10 13. Many of Respondent s borrowers do not repay their loans within the first 30 days or do not meet the requirements for the 0% introductory rate, and thus many of its borrowers end up paying finance charges. VIOLATIONS OF THE FEDERAL TRADE COMMISION ACT Count I Failure to Disclose Terms of the Loan 14. In numerous instances, including but not limited to, through the means described in Paragraphs 6 to 13, Respondent has represented, directly or indirectly, expressly or by implication, that it offers title loans to consumers with: (1) a 0% interest rate or (2) a 0% rate of finance charge for a 30-day period. 15. In instances in which Respondent has made the representation set forth in Paragraph 14 Respondent has failed to disclose, or failed to disclose adequately: (1) the existence and amount of the finance charge that consumers have to pay for the 30 day introductory period if certain terms and conditions are not met; (2) the existence and amount of the finance charge that consumers have to pay after the conclusion of the 30-day introductory period; and (3) the conditions to get the 0% rate. These facts would be material to consumers in their decisions regarding Respondent s title loans. 16. Respondent s failure to disclose, or failure to disclose adequately, the material information described in paragraph 15, in light of the representation set forth in Paragraph 14, is a deceptive act or practice. 17. The acts and practices of Respondent alleged in this complaint constitute deceptive acts or practices in or affecting commerce in violation of Section 5(a) of the FTC Act. VIOLATION OF THE TRUTH IN LENDING ACT AND REGULATION Z 18. Respondent s advertisements promoting title loans, including but not limited to those described in Paragraph 8.d., are subject to the requirements of TILA and Regulation Z. 19. Section 144 of TILA and Section (c) of Regulation Z require that the rate of finance charge must be stated as an annual percentage rate using that term or the abbreviation APR. 6
11 Count II 20. Respondent s advertisements promoting the extension of closed-end credit in consumer credit transactions, including but not limited to those described in Paragraph 8.d., provide a rate of finance charge but fail to state that rate as an annual percentage rate or APR. 21. Therefore, Respondent s practices violate Section 144 of TILA, 15 U.S.C. 1664, and Section (c) of Regulation Z, 12 C.F.R (c). THEREFORE, the Federal Trade Commission this day of, has issued this complaint against Respondent. By the Commission. SEAL: Donald S. Clark Secretary 7
UNITED STATES OF AMERICA FEDERAL TRADE COMMISSION. Julie Brill Maureen K. Ohlhausen Joshua D. Wright Terrell McSweeny COMPLAINT
UNITED STATES OF AMERICA FEDERAL TRADE COMMISSION 132 3264 COMMISSIONERS: Edith Ramirez, Chairwoman Julie Brill Maureen K. Ohlhausen Joshua D. Wright Terrell McSweeny In the Matter of First American Title
More informationUNITED STATES OF AMERICA FEDERAL TRADE COMMISSION. Julie Brill Maureen K. Ohlhausen Joshua D. Wright Terrell McSweeny ) ) ) ) ) ) ) COMPLAINT
UNITED STATES OF AMERICA FEDERAL TRADE COMMISSION 132 3088 COMMISSIONERS: Edith Ramirez, Chairwoman Julie Brill Maureen K. Ohlhausen Joshua D. Wright Terrell McSweeny In the Matter of PaymentsMD, LLC,
More informationUNITED STATES OF AMERICA BEFORE THE FEDERAL TRADE COMMISSION. Julie Brill Maureen K. Ohlhausen Joshua D. Wright Terrell McSweeny ) ) ) ) ) ) )
UNITED STATES OF AMERICA BEFORE THE FEDERAL TRADE COMMISSION 132 3088 COMMISSIONERS: Edith Ramirez, Chairwoman Julie Brill Maureen K. Ohlhausen Joshua D. Wright Terrell McSweeny In the Matter of PaymentsMD,
More informationUNITED STATES OF AMERICA BEFORE THE FEDERAL TRADE COMMISSION. Julie Brill Maureen K. Ohlhausen Terrell McSweeny
1423161 UNITED STATES OF AMERICA BEFORE THE FEDERAL TRADE COMMISSION COMMISSIONERS: Edith Ramirez, Chairwoman Julie Brill Maureen K. Ohlhausen Terrell McSweeny In the Matter of HENRY SCHEIN PRACTICE SOLUTIONS,
More informationUNITED STATES OF AMERICA BEFORE THE FEDERAL TRADE COMMISSION. Julie Brill Maureen K. Ohlhausen Joshua D. Wright Terrell McSweeny COMPLAINT
UNITED STATES OF AMERICA BEFORE THE FEDERAL TRADE COMMISSION 122-3252 COMMISSIONERS: Edith Ramirez, Chairwoman Julie Brill Maureen K. Ohlhausen Joshua D. Wright Terrell McSweeny In the Matter of DEUTSCH
More informationUNITED STATES OF AMERICA BEFORE THE FEDERAL TRADE COMMISSION. Julie Brill Maureen K. Ohlhausen Joshua D. Wright Terrell McSweeny
132 3089 UNITED STATES OF AMERICA BEFORE THE FEDERAL TRADE COMMISSION COMMISSIONERS: Edith Ramirez, Chairwoman Julie Brill Maureen K. Ohlhausen Joshua D. Wright Terrell McSweeny In the Matter of DOCKET
More informationUNITED STATES OF AMERICA BEFORE THE FEDERAL TRADE COMMISSION. Julie Brill Maureen K. Ohlhausen Joshua D. Wright Terrell McSweeny COMPLAINT
UNITED STATES OF AMERICA BEFORE THE FEDERAL TRADE COMMISSION 122-3252 COMMISSIONERS: Edith Ramirez, Chairwoman Julie Brill Maureen K. Ohlhausen Joshua D. Wright Terrell McSweeny In the Matter of SONY COMPUTER
More informationUNITED STATES OF AMERICA BEFORE THE FEDERAL TRADE COMMISSION
UNITED STATES OF AMERICA BEFORE THE FEDERAL TRADE COMMISSION 122 3095 COMMISSIONERS: Edith Ramirez, Chairwoman Julie Brill Maureen K. Ohlhausen Joshua D. Wright Terrell McSweeny In the Matter of GMR TRANSCRIPTION
More informationUNITED STATES OF AMERICA FEDERAL TRADE COMMISSION
UNITED STATES OF AMERICA FEDERAL TRADE COMMISSION COMMISSIONERS: Edith Ramirez, Chairwoman Julie Brill Maureen K. Ohlhausen Terrell P. McSweeny _ In the Matter of DOCKET NO. Jim Koons Management Company,
More informationUNITED STATES OF AMERICA FEDERAL TRADE COMMISSION
UNITED STATES OF AMERICA FEDERAL TRADE COMMISSION 122 3095 COMMISSIONERS: Edith Ramirez, Chairwoman Julie Brill Maureen K. Ohlhausen Joshua D. Wright In the Matter of GMR TRANSCRIPTION SERVICES, INC.,
More informationUNITED STATES OF AMERICA FEDERAL TRADE COMMISSION
UNITED STATES OF AMERICA FEDERAL TRADE COMMISSION 132 3091 COMMISSIONERS: Edith Ramirez, Chairwoman Julie Brill Maureen K. Ohlhausen Joshua D. Wright ) In the Matter of ) DOCKET NO. ) Credit Karma, Inc.,
More informationUNITED STATES OF AMERICA BEFORE FEDERAL TRADE COMMISSION
UNITED STATES OF AMERICA BEFORE FEDERAL TRADE COMMISSION 131 0118 COMMISSIONERS: Edith Ramirez, Chairwoman Julie Brill Maureen K. Ohlhausen Joshua D. Wright ) In the Matter of ) ) Docket No. C-4448 Music
More informationUNITED STATES OF AMERICA BEFORE THE FEDERAL TRADE COMMISSION. Julie Brill Maureen K. Ohlhausen Joshua D. Wright Terrell McSweeny
UNITED STATES OF AMERICA BEFORE THE FEDERAL TRADE COMMISSION COMMISSIONERS: Edith Ramirez, Chairwoman Julie Brill Maureen K. Ohlhausen Joshua D. Wright Terrell McSweeny In the Matter of FILE NO. 132 3272
More informationTexas State, Local, and Self-Imposed Standards for Payday and Auto Title Credit Access Businesses
Texas State, Local, and Self-Imposed Standards for Payday and Auto Title Credit Access Businesses AN AUSTIN-BASED COMPLIANCE SURVEY: JUNE-JULY 2012 Effective January 1, 2012, payday and auto title lenders
More informationPayday and Auto Title Credit Access Businesses: Federal Law, State Law, and Self-Imposed Industry Standards
Payday and Auto Title Credit Access Businesses: Federal Law, State Law, and Self-Imposed Industry Standards EL PASO BASED COMPLIANCE SURVEY: FALL 2012 Effective January 1, 2012, payday and auto title lenders
More informationUNITED STATES OF AMERICA FEDERAL TRADE COMMISSION
122 3049 UNITED STATES OF AMERICA FEDERAL TRADE COMMISSION COMMISSIONERS: Edith Ramirez, Chairmanwoman Julie Brill Maureen K. Ohlhausen Joshua D. Wright ) In the Matter of ) DOCKET NO. C-4406 ) HTC AMERICA
More informationUNITED STATES OF AMERICA FEDERAL TRADE COMMISSION
9423311 B212516 UNITED STATES OF AMERICA FEDERAL TRADE COMMISSION In the Matter of COMPUTER BUSINESS SERVICES, INC., a corporation, ANDREW L. DOUGLASS, individually and as an officer of the corporation,
More informationCase 1:14-cv-02529-WYD Document 4-1 Filed 09/12/14 USDC Colorado Page 1 of 22. 1:14-cv-2529-WYD
Case 1:14-cv-02529-WYD Document 4-1 Filed 09/12/14 USDC Colorado Page 1 of 22 1:14-cv-2529-WYD Case 1:14-cv-02529-WYD Document 4-1 Filed 09/12/14 USDC Colorado Page 2 of 22 FINDINGS 1. This Court has jurisdiction
More informationAugust 28, 2015. Re: In the Matter of Nomi Technologies, Inc., File No. 1323251
UNITED STATES OF AMERICA Federal Trade Commission WASHINGTON, D.C. 20580 Office of the Secretary August 28, 2015 Michelle Lease Policy Counsel Application Developers Alliance Re: In the Matter of Nomi
More informationUNITED STATES OF AMERICA CONSUMER FINANCIAL PROTECTION BUREAU. The Consumer Financial Protection Bureau ( Bureau ), through its examiners and other
UNITED STATES OF AMERICA CONSUMER FINANCIAL PROTECTION BUREAU In the Matter of Dealers Financial Services, LLC, Lexington, Kentucky ADMINISTRATIVE PROCEEDING File No. 2013-CFPB-0004 CONSENT ORDER The Consumer
More informationPersonal Loans 101: Understanding
Personal Loans 101: Understanding Small Dollar Loans If you are looking for a small loan, you may not be sure where to turn. Most banks and credit unions do not lend small amounts of money. Payday loans
More informationUNITED STATES OF AMERICA BEFORE FEDERAL TRADE COMMISSION
9423311 B216829 UNITED STATES OF AMERICA BEFORE FEDERAL TRADE COMMISSION Commissioners: Robert Pitofsky Mary L. Azcuenaga Janet D. Steiger Roscoe B. Starek, III Christine A. Varney ) In the Matter of )
More information60-Second Compliance Summary. REGULATION Z Truth in Lending Closed-End Credit. Unit
Unit 1 REGULATION Z Truth in Lending Closed-End Credit 60-Second Compliance Summary Establishes comprehensive disclosure requirements for consumer credit products Protects consumers against unfair credit
More informationThe extension of high-cost credit to servicemembers and their families
The extension of high-cost credit to servicemembers and their families December 2014 1. Introduction In 2006, Congress enacted the Military Lending Act (10 U.S.C. 987) as part of the John Warner National
More informationAdvertising Credit And Lease Arrangements: How To Comply With The Truth In Lending Act
Advertising Credit And Lease Arrangements: How To Comply With The Truth In Lending Act The federal Truth in Lending Act ("TILA") governs most consumer credit transactions. Its companion law the Consumer
More informationCar-Title Loan Regulation. Chart Terms. Car-Title Loans. As of December 2012
Car- Regulation As of December 2012 Car- s A car-title loan is a short-term cash loan, secured by the borrower s title to a. State laws determine whether car-title loans are authorized, the terms of the
More informationTitle 9-A: MAINE CONSUMER CREDIT CODE
Title 9-A: MAINE CONSUMER CREDIT CODE Article 10: LOAN BROKERS Table of Contents Part 1. GENERAL PROVISIONS... 3 Section 10-101. SHORT TITLE... 3 Section 10-102. DEFINITIONS... 3 Part 2. REGISTRATION AND
More informationCase 1:14-cv-00652 Document 1 Filed 07/14/14 Page 1 of 17 UNITED STATES DISTRICT COURT FOR THE WESTERN DISTRICT OF TEXAS AUSTIN DIVISION
Case 1:14-cv-00652 Document 1 Filed 07/14/14 Page 1 of 17 UNITED STATES DISTRICT COURT FOR THE WESTERN DISTRICT OF TEXAS AUSTIN DIVISION * FEDERAL TRADE COMMISSION, * * Civil Case No. Plaintiff, * * v.
More information02-0649. July 29, 2002
Department of Banking and Finance 2990 Brandywine Road, Suite 200 Atlanta, Georgia 30341-5565 Sonny Perdue 770-986-1633 David G. Sorrell Governor www.gadbf.org Acting Commissioner Declaratory Ruling To:
More informationCase 2:06-cv-15766-JF-SDP Document 69 Filed 02/25/2008 Page 1 of 15
Case 2:06-cv-15766-JF-SDP Document 69 Filed 02/25/2008 Page 1 of 15 IN THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION FEDERAL TRADE COMMISSION, Plaintiff, v. MAZZONI
More informationTHE PEOPLE OF THE STATE OF MICHIGAN ENACT:
SENATE BILL No. SENATE BILL No. April, 00, Introduced by Senators THOMAS, CLARK-COLEMAN, JACOBS, HUNTER, BASHAM, WHITMER, CLARKE, OLSHOVE, SCOTT, CHERRY, ANDERSON, SCHAUER and GLEASON and referred to the
More informationSUMMARY: The FTC is publishing procedures for the administrative collection of debts,
[Billing Code: 6750-01S] FEDERAL TRADE COMMISSION 16 CFR Part 1 Administrative Debt Collection Procedures AGENCY: Federal Trade Commission (FTC). ACTION: Final rule. SUMMARY: The FTC is publishing procedures
More informationFEDERAL TRADE COMMISSION,
MAY-27-04 09:23AM FROM-Business Reiulaticn +303 866 4916 T-254 P.032/032 F-409 -'-,... -...- - Civil Action No. FEDERAL TRADE COMMISSION, Plaintif4 Y. PHILLIP W. RANNEY, individually; ARMOR MORTGAGE; ABACUS
More informationIN THE IOWA DISTRICT COURT FOR POLK COUNTY
IN THE IOWA DISTRICT COURT FOR POLK COUNTY STATE OF IOWA ex rel. ) THOMAS J. MILLER, ) ATTORNEY GENERAL OF IOWA, ) Equity No. 99AG25112, ) ) ) Plaintiff, ) ) v. ) ) HOUSEHOLD INTERNATIONAL, INC.) PETITION
More informationMOTOR VEHICLE TITLE LENDING IN THE COMMONWEALTH OF VIRGINIA
MOTOR VEHICLE TITLE LENDING IN THE COMMONWEALTH OF VIRGINIA BORROWER RIGHTS AND RESPONSIBILITIES Please take the time to carefully review the infonnation contained in this pamphlet. It is designed to advise
More informationFAQs About RESPA for Industry
FAQs About RESPA for Industry 1. What kinds of transactions are covered under RESPA? Transactions involving a federally related mortgage loan, which includes most loans secured by a lien (first or subordinate
More informationARCHIVE. Table of Contents. 12.01.10 - Rules Pursuant to the Idaho Residential Mortgage Practices Act
Table of Contents 12.01.10 - Rules Pursuant to the Idaho 000. Legal Authority (Rule 0).... 2 001. Title And Scope (Rule 1).... 2 002. Written Interpretations -- Agency Access -- Filings (Rule 2).... 2
More information63rd Legislature AN ACT REPEALING THE MONTANA TITLE LOAN ACT; AMENDING SECTIONS 31-1-106, 31-1-111,
63rd Legislature HB0118 AN ACT REPEALING THE MONTANA TITLE LOAN ACT; AMENDING SECTIONS 31-1-106, 31-1-111, 31-1-112, 31-1-401, AND 32-5-103, MCA; REPEALING SECTIONS 31-1-801, 31-1-802, 31-1-803, 31-1-804,
More informationUNITED STATES OF AMERICA FEDERAL TRADE COMMISSION
UNITED STATES OF AMERICA FEDERAL TRADE COMMISSION 002-3015 ) In the Matter of ) ) INDIGO INVESTMENT SYSTEMS, INC. ) DOCKET NO. C-4003 a corporation, and ) ) FRANK ALFONSO, individually and as an ) officer
More informationImplications of the Federal Right of Rescission for Lenders and Borrowers
Implications of the Federal Right of Rescission for Lenders and Borrowers An Interactive Day of Building an Effective Community Response to Foreclosures in Wisconsin December 12, 2007 Disclaimer The views
More informationArthur Rotatori, McGlinchey Stafford, PLLC Jason Romrell, LeadsMarket.com Dustin Alonzo, McGlinchey Stafford, PLLC. #LEND360 LEND360.
Arthur Rotatori, McGlinchey Stafford, PLLC Jason Romrell, LeadsMarket.com Dustin Alonzo, McGlinchey Stafford, PLLC #LEND360 LEND360.org Overview of Federal, State & Industry Regula9on Federal Trade Commission
More informationJune 10, 2010. 2010 Legislative Amendments to the Indiana Code Relating to First Lien Mortgage Act (the Act )
June 10, 2010 2010 Legislative Amendments to the Indiana Code Relating to First Lien Mortgage Act (the Act ) Effective July 1, 2010 (except as otherwise indicated) Questions, Answers, and Administrative
More informationIdaho Credit Code Fast Facts
Idaho Credit Code Fast Facts C.L. BUTCH OTTER Governor GAVIN M. GEE Director The provisions of the Idaho Credit Code (Idaho Code 28-41-101, et seq.), apply to credit transactions in Idaho for personal,
More informationSTATE OF WASHINGTON DEPARTMENT OF FINANCIAL INSTITUTIONS DIVISION OF CONSUMER SERVICES
1 2 STATE OF WASHINGTON DIVISION OF CONSUMER SERVICES 3 IN THE MATTER OF DETERMINING No. C-14-1568-15-SC01 Whether there has been a violation of the 4 Consumer Loan Act of Washington by: and NOTICE OF
More informationUNITED STATES OF AMERICA FEDERAL TRADE COMMISSION
UNITED STATES OF AMERICA FEDERAL TRADE COMMISSION COMMISSIONERS: Edith Ramirez, Chairwoman Julie Brill Maureen K. Ohlhausen Joshua D. Wright ) In re AARON S, INC., a corporation. ) ) AGREEMENT CONTAINING
More informationTexas, Local, & Self-Imposed Standards for Payday & Auto Title Credit Access Businesses A Dallas-Based Compliance Survey: May 2012
Texas, Local, & Self-Imposed Standards for Payday & Auto Title Credit Access Businesses A Dallas-Based Compliance Survey: May 2012 Effective January 2012, payday and auto title businesses operating under
More informationDEPARTMENT OF REGULATORY AGENCIES DIVISION OF REAL ESTATE MORTGAGE LOAN ORIGINATORS AND MORTGAGE COMPANIES 4CCR 725-3
DEPARTMENT OF REGULATORY AGENCIES DIVISION OF REAL ESTATE MORTGAGE LOAN ORIGINATORS AND MORTGAGE COMPANIES 4CCR 725-3 8-1-1 MORTGAGE LOAN ORIGINATOR ADVERTISING Pursuant to and in compliance with Title
More informationMon. ICBA Summary of the Military Lending Act Updated Regulation. August 2015. Month Year. Contact:
ICBA Summary of the Military Lending Act Updated Regulation August 2015 Month Year Mon Contact: Joe Gormley Assistant Vice President & Regulatory Counsel joseph.gormley@icba.org www.icba.org ICBA Summary
More informationAdvertising Compliance February 14, 2013. Jody Dabrowski, CUCE Compliance Consultant
Advertising Compliance February 14, 2013 Jody Dabrowski, CUCE Compliance Consultant 1 Overview Advertising Rules and Regulations CFPB, NCUA, FTC, FCC Advertising Avenues: Website, Email, TV, Radio, Print
More informationLoan Originator Compensation: The New Paradigm
Loan Originator Compensation: The New Paradigm Presented for Maryland Association of Mortgage Professionals on March 3, 2011 by Marjorie A. Corwin Gordon, Feinblatt, Rothman, Hoffberger & Hollander, LLC
More informationNOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF AMARILLO, TEXAS:
8/12/14 ORDINANCE NO. AN ORDINANCE OF THE CITY OF AMARILLO, TEXAS: AMENDING THE AMARILLO MUNICIPAL CODE OF ORDINANCES TO ADDCHAPTER 14-10, CREDIT ACCESS BUSINESS, PROVIDING FOR DEFINITIONS, REGISTRATION
More informationSTATE OF GEORGIA DEPARTMENT OF BANKING AND FINANCE SPECIAL EDITION IMPORTANT NOTICE PROPOSED RULEMAKING
STATE OF GEORGIA DEPARTMENT OF BANKING AND FINANCE NATHAN DEAL GOVERNOR KEVIN HAGLER COMMISSIONER SPECIAL EDITION IMPORTANT NOTICE PROPOSED RULEMAKING September 24, 2015 NOTICE OF PROPOSED RULEMAKING AND
More informationHOUSE BILL No. 2235. AN ACT regulating vehicle title loans.
Session of 0 HOUSE BILL No. By Committee on Commerce and Economic Development - 0 0 AN ACT regulating vehicle title loans. Be it enacted by the Legislature of the State of Kansas: Section. (a) Except as
More information2:12-cv-13917-PDB-MJH Doc # 1 Filed 09/05/12 Pg 1 of 8 Pg ID 1 UNITED STATES DISTRICT COURT EASTERN DISTRICT OF MICHIGAN -- SOUTHERN DIVISION
2:12-cv-13917-PDB-MJH Doc # 1 Filed 09/05/12 Pg 1 of 8 Pg ID 1 UNITED STATES DISTRICT COURT EASTERN DISTRICT OF MICHIGAN -- SOUTHERN DIVISION EBOREE LARKIN on behalf of herself and a class of similarly
More informationPAYDAY AND TITLE LOANS
PAYDAY AND TITLE LOANS Payday loan? A payday loan also known as cash advance is a form of an unsecured, short term loan that is meant to cover applicant s short term expenses. The loan is repaid on an
More informationHow much will a two-week, $200 payday loan cost?
PAYDAY LOAN SINGLE PAYMENT After reviewing the terms of the loan, you are not required to choose this loan, and may consider other borrowing options, including those shown on Page 2 of this document. Borrowed
More informationTruth in Lending Act 1
Truth in Lending Act 1 The Truth in Lending Act (TILA), 15 U.S.C. 1601 et seq., was enacted on May 29, 1968, as title I of the Consumer Credit Protection Act (Pub. L. 90-321). The TILA, implemented by
More informationRe: [Docket No. RIN 3084 AB18]; Mortgage Acts and Practices Advertising Rulemaking, Rule No. R011013
1400 16 th Street, NW Suite 420 Washington, DC 20036 Tel. 202.939.1760 Fax. 202.265.4435 November 15, 2010 Federal Trade Commission Office of the Secretary Room H 135 (Annex W) 600 Pennsylvania Avenue,
More informationUNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF FLORIDA Case No. 9:11-cv-80155-JIC
Case 9:11-cv-80155-JIC Document 111 Entered on FLSD Docket 07/26/2011 Page 1 of 20 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF FLORIDA Case No. 9:11-cv-80155-JIC FEDERAL TRADE COMMISSION, Plaintiff,
More informationIN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF MINNESOTA
IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF MINNESOTA Stanzer Knox, Plaintiff, vs. Homestead Mortgage Corporation, HomeComings Financial, LLC., Mortgage Electronic Registration Systems, Inc.,
More informationMilitary Lending Basics
Military Lending Basics ABA Business Law Section Meeting Consumer Financial Services Committee Wednesday, April 15, 2015 Joseph J. Schuster Consumer Financial Services Group 215.864.8614 furlettim@ballardspahr.com
More informationTruth in Lending Act
Comptroller s Handbook CC-TILA Consumer Compliance (CC) Truth in Lending Act December 2014 Office of the Comptroller of the Currency Washington, DC 20219 Contents Introduction...1 Background and Summary...
More informationCCE Consumer Compliance Examination. Truth in Lending. Comptroller s Handbook. October 2008 CCE-TIL
CCE-TIL Comptroller of the Currency Administrator of National Banks Truth in Lending Comptroller s Handbook October 2008 CCE Consumer Compliance Examination Truth in Lending Table of Contents Introduction
More information(1.) Misrepresentation of the Applicant's Residency Status
The Official Website of the Office of Consumer Affairs & Business Regulation (OCABR) Mass.Gov Consumer Affairs and Business Regulation Home > Business > Banking Industry Services > Banking Legal Resources
More information940 CMR: OFFICE OF THE ATTORNEY GENERAL
940 CMR 8.00: MORTGAGE BROKERS AND MORTGAGE LENDERS Section 8.01: Purpose 8.02: Scope 8.03: Definitions 8.04: Advertising Practices 8.05: Mortgage Disclosures 8.06: Prohibited Practices 8.07: Severability
More informationHow much will a/an. loan cost? AUTO TITLE LOAN SINGLE PAYMENT. Thirty Day. Ask Yourself... How Long Could It Take to Repay a Loan?
AUTO TITLE LOAN SINGLE PAYMENT You Can Lose Your Car If you miss a payment or make a late payment, your car can be repossessed. A er reviewing the terms of the loan, you are not required to choose this
More informationUNITED STATES DISTRICT COURT WESTERN DISTRICT OF MISSOURI WESTERN DIVISION
UNITED STATES DISTRICT COURT WESTERN DISTRICT OF MISSOURI WESTERN DIVISION CONSUMER FINANCIAL PROTECTION BUREAU, CASE NO. Plaintiff, v. RICHARD F. MOSELEY, SR.; RICHARD F. MOSELEY, JR.; CHRISTOPHER J.
More informationAPPENDIX B. SUMMARY OF COURT ORDER ENTERED IN FTC v. IRA SMOLEV, ET AL. FOR DEFENDANT BRUCE TURIANSKY ON DEFINITIONS
APPENDIX B SUMMARY OF COURT ORDER ENTERED IN FTC v. IRA SMOLEV, ET AL. FOR DEFENDANT BRUCE TURIANSKY ON DEFINITIONS 1. Assisting others means knowingly providing any of the following services to any person
More informationRegulation Z. Background and Summary
Regulation Z Truth in Lending Introduction Background and Summary The Truth in Lending Act (TILA), 15 USC 1601 et seq., was enacted on May 29, 1968, as title I of the Consumer Credit Protection Act (Pub.
More informationIDAHO. GENERAL INFORMATION 1st Mortgage
GENERAL INFORMATION 1st Mortgage ADDITIONAL LENDER FEES "Application fees," instead of Points/Origination Fee are not limited under 26-3113. The State of Idaho has indicated in past audits with other institutions
More informationUNITED STATES OF AMERICA FEDERAL TRADE COMMISSION. Pamela Jones Harbour William E. Kovacic J. Thomas Rosch COMPLAINT
082-3159 UNITED STATES OF AMERICA FEDERAL TRADE COMMISSION COMMISSIONERS: Jon Leibowitz, Chairman Pamela Jones Harbour William E. Kovacic J. Thomas Rosch In the Matter of ) ) INDOOR TANNING ASSOCIATION,
More informationFinancial Services Update June 11, 2013
Financial Services Update June 11, 2013 HIGHLIGHTS Federal Regulatory Developments: CFPB Amends Examination Manual State Regulatory Developments: Texas Proposes Constitutional Amendment Regarding Reverse
More information) CIVIL NO. v. ) WORLD CLASS NETWORK, INC., ) a Nevada corporation; ) COMPLAINT FOR ) RELIEF. DANIEL R. DIMACALE, an individual; )
1 1 1 1 1 1 1 0 1 STEPHEN CALKINS General Counsel ANN I. JONES RAYMOND E. McKOWN Federal Trade Commission 100 Wilshire Blvd., Suite Los Angeles, California 00 ( -00 JOHN ANDREW SINGER Federal Trade Commission
More informationPayment Processing, Account Maintenance, and Optional Products. Collections, Debt Restructuring, Repossessions, and Accounts in Bankruptcy
Automobile Finance Exam Date: Prepared By: Reviewer: Docket #: These Automobile Finance (Procedures) consist of modules covering the various elements of the automobile life cycle, Entity Name: Event No.:
More information0423104 UNITED STATES OF AMERICA BEFORE THE FEDERAL TRADE COMMISSION
0423104 UNITED STATES OF AMERICA BEFORE THE FEDERAL TRADE COMMISSION Commissioners: Deborah Platt Majoras, Chairman Orson Swindle Thomas B. Leary Pamela Jones Harbour Jon Leibowitz ) In the Matter of )
More informationSTATE OF MICHIGAN CIRCUIT COURT FOR THE 30TH JUDICIAL CIRCUIT INGHAM COUNTY
STATE OF MICHIGAN CIRCUIT COURT FOR THE 30TH JUDICIAL CIRCUIT INGHAM COUNTY JENNIFER M. GRANHOLM, ATTORNEY GENERAL OF THE STATE No. 02-1969-CH OF MICHIGAN, AND FRANK M. FITZGERALD, COMMISSIONER OF THE
More informationCFPB Examination Procedures
Commonly Known as Payday Lending These examination procedures apply to the short-term, small-dollar credit market, commonly known as payday lending. The procedures are comprised of modules covering a payday
More informationCollege Station, TX. Legislation Details (With Text)
College Station, TX 1101 Texas Ave College Station, TX 77840 Legislation Details (With Text) File #: 14-292 Version: 1 Name: Credit Access Business Type: Ordinance Status: Agenda Ready File created: On
More informationVermont Banking Division REGULATION B-2014-02. Mortgage Brokers
Vermont Banking Division REGULATION B-2014-02 Mortgage Brokers INTRODUCTION: Regulation B-2014-02 supersedes and replaces Mortgage Broker Regulation B-96-1. Section 1. Authority and Purpose This regulation
More informationTalent Amendment Limitations on Terms of Consumer Credit Extended to Service Members and Dependents
Talent Amendment Limitations on Terms of Consumer Credit Extended to Service Members Dependents Background Department of Defense (DoD) regulations implementing the consumer protection provisions of the
More informationAppendix 4C. Quarterly report for entities admitted on the basis of commitments. Quarter ended ( current quarter ) 58 009 213 754 31 DECEMBER 2015
Appendix 4C Rule 4.7B Quarterly report for entities admitted on the basis of commitments Introduced 31/03/00 Amended 30/09/01, 24/10/05, 17/12/10 Name of entity AGENIX LIMITED ABN Quarter ended ( current
More informationPlease see Section IX. for Additional Information:
The Florida Senate BILL ANALYSIS AND FISCAL IMPACT STATEMENT (This document is based on the provisions contained in the legislation as of the latest date listed below.) BILL: CS/SB 626 Prepared By: The
More informationHome Equity Lines of Credit
The Federal Reserve Board What you should know about Home Equity Lines of Credit Board of Governors of the Federal Reserve System www.federalreserve.gov 0708 i What You Should Know about Home Equity Lines
More informationJAIME M. HAWLEY, NAN X. ESTRELLA, UNITED STATES DISTRICT COURT i~, I:, ~lsn~ict FOR THE MIDDLE DISTRICT OF FLORID CQU?
r J UNITED STATES DISTRICT COURT i~, I:, ~lsn~ict FOR THE MIDDLE DISTRICT OF FLORID CQU?T. r'f,'$ble D1STH1CT FLOfUOA ORLANDO DIVISION GHUJ;;}O. FL FEDERAL TRADE COMMISSION, v. Plaintiff, JPMACCELERATED
More informationHelping Elderly Homeowners Victimized by Predatory Mortgage Loans
Helping Elderly Homeowners Victimized by Predatory Mortgage Loans Equity-rich, cash poor elderly homeowners are an attractive target for unscrupulous mortgage lenders. Many elderly homeowners are on fixed
More informationOffice of the Secretary
UNITED STATES OF AMERICA FEDERAL TRADE COMMISSION WASHINGTON, D.C. 20580 Office of the Secretary March 9, 2001 Jennifer J. Johnson Secretary Board of Governors of the Federal Reserve System 20th Street
More informationPlease see Section IX. for Additional Information:
The Florida Senate BILL ANALYSIS AND FISCAL IMPACT STATEMENT (This document is based on the provisions contained in the legislation as of the latest date listed below.) Prepared By: The Professional Staff
More informationFINAL ORDER EFFECTIVE: 10-24-12
BEFORE THE COMMISSIONER OF INSURANCE -12 OF THE STATE OF KANSAS FINAL ORDER EFFECTIVE: 10-24-12 In the Matter of ) LINCOLN HERITAGE LIFE INSURANCE COMPANY ) Docket No. NAIC#65927 ) ) CONSENT AGREEMENT
More informationBEFORE THE FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL
BEFORE THE FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL In the Matter of Request for Comment on Proposed Guidance Regarding Reverse Mortgage Products Docket No. FFIEC-2009-0001 Comments of the Staff
More informationOFFICE OF THE ATTORNEY GENERAL OF TEXAS THE UNIVERSITY OF TEXAS AT AUSTIN
OFFICE OF THE ATTORNEY GENERAL OF TEXAS THE UNIVERSITY OF TEXAS AT AUSTIN types of awards that are passed directly on to students; (b) any building, room, 2 it. Any visual message shall be of a size and
More informationQUARTERLY UPDATE TO THE SENATE BUSINESS AND COMMERCE COMMITTEE January 16, 2014 BY THE OFFICE OF CONSUMER CREDIT COMMISSIONER
QUARTERLY UPDATE TO THE SENATE BUSINESS AND COMMERCE COMMITTEE January 16, 2014 BY THE OFFICE OF CONSUMER CREDIT COMMISSIONER SB 247: Property Tax Loans IMPLEMENTATION OF LEGISLATION FROM THE 83RD LEGISLATURE
More informationWelcome. 1. Agenda. 2. Ground Rules. 3. Introductions. Borrowing Basics 2
Borrowing Basics Welcome 1. Agenda 2. Ground Rules 3. Introductions Borrowing Basics 2 Objectives Define what credit and a loan is Distinguish between secured and unsecured loans Identify three types of
More information24-1.1E. Restrictions and limitations on high-cost home loans.
24-1.1E. Restrictions and limitations on high-cost home loans. (a) Definitions. The following definitions apply for the purposes of this section: (1) "Affiliate" means any company that controls, is controlled
More informationV 1.1. V. Lending TILA. Truth in Lending Act. Introduction
Truth in Lending Act Introduction The Truth in Lending Act (TILA), 15 U.S.C. 1601 et seq., was enacted on May 29, 1968, as title I of the Consumer Credit Protection Act (Pub. L. 90-321). The TILA, implemented
More informationPLEASE NOTE. For more information concerning the history of this Act, please see the Table of Public Acts.
PLEASE NOTE This document, prepared by the Legislative Counsel Office, is an office consolidation of this Act, current to December 2, 2015. It is intended for information and reference purposes only. This
More informationRisks and Precautions with Title Lending
AL 2000 11 O OCC ADVISORY LETTER Comptroller of the Currency Administrator of National Banks Subject: Title Loan Programs TO: Chief Executive Officers of All National Banks, Department and Division Heads,
More informationPlaintiffs, V. AP #01-2104. Defendants. BACKGROUND. On May 17, 2001, Penny R. Nunn (the Debtor ) filed a
UNITED STATES BANKRUPTCY COURT WESTERN DISTRICT OF NEW YORK In re: PENNY R. NUNN, CASE NO. 01-21920 Debtors. DECISION & ORDER PENNY R. NUNN, IMC MORTGAGE COMPANY, Plaintiffs, V. AP #01-2104 Defendants.
More informationORDINANCE NO. ORDINANCE NO. 12-1078-010.001 / PL#149988 Ordinance amending Title 5 Adding Credit Access Businesses SMC
ORDINANCE NO. AN ORDINANCE AMENDING TITLE 5 (BUSINESS LICENSE AND PERMIT REGULATIONS) OF THE EL PASO CITY CODE BY ADDING CHAPTER 5.17(CREDIT ACCESS BUSINESSES) IN ORDER TO SET FORTH REGISTRATION REQUIRMENTS
More informationSTATE OF MICHIGAN IN THE CIRCUIT COURT FOR THE COUNTY OF WAYNE
STATE OF MICHIGAN IN THE CIRCUIT COURT FOR THE COUNTY OF WAYNE HARRY O. LUTZ AND PAULA G. LUTZ; Hon. Case No. v ONE WEST, a successor in interest to INDYMAC BANK, F.S.B.; TITLE SOURCE, INC.; THE MORTGAGE
More informationCorporate Decision #2005-11 July 12, 2005 August 2005
O Comptroller of the Currency Administrator of National Banks Western District Licensing 1225 17 th Street, Suite 300 Denver, CO 80202 Corporate Decision #2005-11 July 12, 2005 August 2005 Charles E. Greef,
More information